The Glazer family has shrugged off the financial implications of Manchester United's failure to reach the Champions League knockout phase, but refused to comment on Sir Alex Ferguson's future.

Not only did last night's 2-1 defeat at Benfica cost Ferguson's side a place in European football's premier competition, it also denied them a consolation spot in the Uefa Cup. Analysts estimate the club will lose £15m in revenue caused by their early exit.

But a spokesman for the Glazers, who completed a £790m takeover of the club in May, today said the owners were not naive about the vagaries of football and still committed long-term to United. "There is no getting away from the fact that last night was a disappointing result in sporting terms," he said. "But it does not represent a blow to the family or the family's finances because they are long-term investors in Manchester United. Yesterday's result has no bearing on their long-term ownership of the club.

"They have been significant investors in the club for the past three years and they have been long-term investors in the Tampa Bay Buccaneers for more than 10 years. So they know as well as anyone else that the allure of investing in sport is as much to do with the downs as well as the ups. When things are down, fans and the media get nervous and panicky. When things are up, it's very euphoric. They appreciate that you've got to take the rough as well as the smooth.

"If you lose a game, you pick yourself up, brush yourself off and prepare for the next game. That's exactly how the family thinks and how the board thinks.There's enough slack in the family's investment in Manchester United, corroborated by the experience of running another large sports franchise in the Buccaneers, to take yesterday's loss in their stride. The show must go on."

However, when asked about Ferguson's future, the spokesman replied: "It's not my place to comment on Sir Alex's or anybody else's future at Manchester United."